What's in this guide?

What places offer in-person money transfers?

Your first thought for a money transfer may be your local bank. This is a reliable option, but you’re likely to pay more fees and receive a weaker exchange rate than a money transfer service.

Some PostShops, convenience stores and even some service stations have an exclusive area dedicated to providing money transfers using MoneyGram or Western Union. Typically fees are lower than bank charges and these providers are reliable.

The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each
brand or gathered by Finder.

Exchange rates are volatile and change often. As a result,
the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please
confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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How to find a money transfer location near you

Compare your options to find a provider that offers an agent location.

Go to your provider’s website.

Look for the “Find a location” page (it’s often a link from the homepage).

Enter your postcode or address to find the location nearest you.

Visit the office and start your money transfer.

Does anyone offer 24-hour locations for transfers?

Large money transfer networks like MoneyGram and Western Union offer 24-hour agent locations in many areas. Go to the provider’s website and search for locations near your address. In your results page, you can view the hours of each location to find out whether there’s a 24-hour location near you.

What do I need to complete a money transfer in person?

The information you’ll need depends on whether you’re transferring money directly to another person or from your bank account to another account.

Online providers are ideal if it’s important for your friends or family to get your transfer quickly. Whereas banks can take one to three business days to complete a transfer, most money transfer services promise nearly immediate transfer times. This is often within minutes if you pay by credit or debit card.

You can save if you can send your transfer online

If you have access to the Internet, you can save yourself a visit by starting your cash transfer online with Western Union, MoneyGram and WorldRemit. Each offers cash pick-up at agent locations in 200 countries worldwide.

There is also a range of other money transfer providers out there, but many can only transfer directly to a bank account. If this is an option for you, check out some of the providers in the table below.

The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each
brand or gathered by Finder.

Exchange rates are volatile and change often. As a result,
the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please
confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Comparing money transfer services

Before choosing a service, you’ll want to compare:

Transfer fees. Your bank might charge $22 to transfer $1,000 from Auckland to London, while a money transfer service could charge $10 for the same transaction.

Exchange rates.Exchange rates vary daily, so check the rate immediately before starting your transfer. Some services add a little to the exchange rate to cover their own fees, while others are closer to the mid-market rate.

Transfer limits. Some providers are better for smaller transfers, as they’ll have a lower minimum limit. Others may only let you transfer above $1,000, for example.

What's the mid-market rate?

The mid-market rate is what your money’s actually worth compared to another currency. “Mid-market” refers to the midpoint between worldwide supply and demand for that currency. Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.

For example, the mid-market rate for dollars to euros could be 1 NZD = 0.58 EUR.

Charging above the mid-market rate means a company will convert your money for less than it’s really worth — reducing the exchange rate to 1 NZD = 0.55 EUR, for example

Tips for keeping your cash safe

Wherever you are in the world, keep in mind a few safety tips when picking up a transfer:

Phone ahead to confirm an agent’s location and hours.

Avoid agents in high-crime or unsafe areas.

Ask a friend to come along for the pick-up.

Keep your cash hidden and avoid carrying it around longer than necessary.

Deposit your funds into an account as soon as you can.

How can I avoid a money transfer scam?

Thousands of dollars are lost each year to money transfer scams. The most common scams involve someone messaging you, saying you’ve won a price or the lottery. They claim you need to transfer a person, company or organisation the money to cover taxes or transfer fees for the prize. Once you’ve transferred money to these scammers, it’s almost impossible to get your money back.

As a general rule, remember that if it sounds too good to be true, it probably is.

Bottom line

Today you have many options to send money around the world. Compare exchange rates and processing times to get the best deal for your dollar.

You’ll also want to keep an eye out for fees. Bank fees tend to be higher and their exchange rates not as good. On the other hand, transfer services generally offer better rates, lower fees and faster transfers.

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Frequently asked questions

If you plan to transfer $1,000 to friends or family in another country, the transfer fee could add another $22 to your cost. And a weak exchange rate can eat into how much of that $1,000 your recipients see. Money transfer services typically offer lower fees and stronger exchange rates than you’d find at a bank.

The sooner you contact your bank or money transfer provider, the better. If the money hasn’t cleared yet, you usually have a good chance of getting the full amount bank. Be aware that banks can charge an extra fee if you want to cancel your transaction, whether you get the money refunded or not.

Most services limit how much you can send to someone in a 24-hour day. This amount varies by bank and money transfer service.

Many money transfer services offer cash pick-up for those who don’t have a bank account. The fee for this kind of transfer can sometimes be more than sending to a bank account.

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